ceesjw (Cees Wouda)
Since it's a slow morning, we'll take a quick opportunity to remind you that next week is going to be huge for Europe.

First, on May 3 (Wednesday) we get the next ECB meeting.

As Citi's Steven Englander has pointed out, this is a crucial meeting for both bulls and bears, as everyone will be watching to see if the bank does something about the renewed panic in Spain and Italy. If the ECB does nothing (and the ECB is excellent at not acting), then watch out. Market panic could go to the next level.

And then three days later, May 6, it's election day.

As Nomura's Alistair Newton has pointed out, in addition to the French runoff, you have the far more consequential Greek election, where there's a considerable possibility of a wild outcome that sees minority parties make significant gains.

If the two big parties lose their large stakes in parliament, watch out.